J. Crew to shut down stores in Hong Kong

 

The American fashion label J. Crew has announced to close down its 2 stores in Hong Kong.

The decision will also put a brake to retailer’s dreams of leaving its mark in Asia, where now it will have its presence only in Japan after a deal was signed with Itochu.

The retailer has posted notices on the doors of both the Hong Kong stores – one at On Lan Street in Central and the other at Times Square in Causeway Bay – wherein it has advised shoppers about the closing of the stores.

In addition to the growing social unrest in Hong Kong all through 2019, the Coronavirus scare has massively hits the sales of the retailer in last few weeks.

J.Crew, which designs and sells menswear, womenswear and kidswear, had ventured into Asia in 2014, but has struggled to make its presence in the continent ever since.

Back in 2017, J.Crew had escaped bankruptcy after reaching debt-for-equity swap arrangement with bondholders.

 

 

 

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